Aduro Clean Technologies is an early-stage Canadian clean technology company developing a patented chemical conversion platform called Hydrochemolytic Technology (HCT), which uses water under subcritical conditions with a low-cost catalyst to convert waste plastics, heavy oil/bitumen, and renewable oils into higher-value fuels and chemicals. Aduro does not yet sell products or operate commercial facilities — its current business is R&D and technology evaluation. Prospective customers, including TotalEnergies and other large industrials, pay Aduro via purchase orders to test their specific feedstocks and receive performance data through a structured Customer Engagement Program. Aduro's intended business model is technology licensing and royalties, where it licenses HCT to industrial operators rather than building plants itself. No licensing agreements have been signed yet. The path to commercialization runs through demonstrating HCT at pilot scale — a 10 kg/hour pilot plant built with partner Zeton is targeted for Q3 2025 — then advancing customer engagements into formal licensing deals. HCT has three applications: plastics upcycling (its most active focus), bitumen upgrading for Alberta heavy oil producers, and renewables upgrading to produce renewable diesel feedstocks. Aduro funds operations through equity issuances and currently generates minimal revenue from customer evaluation engagements, with a net loss of approximately $12M in FY2025.